The Pipe of Peace. - II. (See Punch's cartoon of November 9th.) The Great Dry Chief. "I was half afraid my navy cut might make you sick; But so far I see no ill effects." Mr Balfour. "On the contrary, I could do with it a bit stronger." ["At the first glance our experts are inclined to think that too large a tonnage has been allotted to submarines." Mr Balfour at the Washington Conference.]